Goldman's Asset-Management Chief Likes U.S., China

Jim O'Neill writes that the world's largest economies "are clearly making some notable and positive structural adjustments."

Editor's Note: Mr. O'Neill, the chairman of Goldman Sachs Asset Management, recently announced that he is retiring after 17 years with the Wall Street firm. A version of this article also appears on the Goldman Website.

When I ponder the future and traverse the latest data and policy issues, there are just so many of the latter, and the prospects for so many countries are either worrying or exciting or perhaps both, depending on your state of mind. China – the most important of them all – looks most clear to me in...